DEERFIELD RESORT POA
Deerfield News Connection
March 31, 2025
​
​​
Fields Loans to Deerfield Resort 2015-2022
Financial Documents received from the Fields businesses and the family members (i.e. Fields Development Company, Fields Real Estate, and Paul & Madeline Fields) claim they have loaned a total of $285,844.07 to Deerfield Resort. Verifying these loans is challenging because the "Deerfield Resort" bank account was a shared account with transactions from Fields Development, Fields Real Estate, and property owners' Security & Maintenance Fees.
Defendants Accounting of Loans
The Defendants created the table below showing the claimed loans by year and source, without an explanation of the column headings, leaving the data’s meaning unclear.
Loans Lack Evidence
There has been no paperwork provided to explain these loans, no agreements, payment plans, or official records. The only document found is one check for $10,000 from 2016 with "loan" in the memo line. The only record available is the table above, created by the Defendants. This lack of documentation makes it impossible to verify whether these transactions were loans, transfers, or income, especially considering the shared nature of the account.
​
​
​
​
​
​
​
​
​
​
​
Unanswered Financial Questions
-
If the Fields “loaned” $76,000 in 2015, why was the same Security & Maintenance fee structure maintained instead of invoicing every lot in the resort?
-
Why continue relying on these alleged loans rather than increasing income to meet the resort’s needs?
Why a Budget is Necessary
With a budget and better planning, expenses could have been anticipated, allowing for HOA fee adjustments. Choosing to manage the HOA’s finances through alleged loans year after year was a deliberate decision by the Fields to sustain the resort’s operations without adjusting the fee structure.
Impact on the incoming HOA Board
As stated in Scott Fields’ management agreement, the estimated 2025 HOA budget is $520,000. If these loans are legitimate, repaying nearly $286,000 – over 55% of the budget – could force the board to consider a fee increase or a special assessment.
Key Findings
-
Total Amount: Reported alleged loans total $285,844.07.
-
Shared Money: Security & Maintenance fees were kept in a shared account, making it unclear how money was used.
-
No Proof: No official records confirm these loans were real and no repayment terms exist.
Conclusion
Without supporting documentation, these loans cannot be verified. To ensure accuracy, Fields Development Company should provide:
-
Copies of checks, promissory notes, and board resolutions.
-
General ledger reports detailing loan transactions.
-
Financial statements and reconciliation reports
-
Bank records, including canceled checks and wire transfers.
-
Loan confirmations and amortization schedules.
If the above proof of these alleged loans is provided, the new HOA board must decide how to address the issue. Without proper records, the HOA cannot assume these are legitimate loans. To protect property owners and ensure community stability, the HOA will need clear financial policies and responsible budgeting practices.
​
